Pfizer Guns After Seagen To Bolster Its Cancer Therapies

The Wall Street Journal has reported that the biopharmaceutical giant Pfizer could acquire Seagen, a multi-product biotechnology company that develops medicines targeting cancer.

Photo Insert: While the Seagen acquisition will bolster Pfizer’s product portfolio, the deal could face an antitrust review.

The deal could enhance Pfizer’s therapies targeting cancer. The report highlighted that a deal could value Seagen at a significant premium over its current market cap. Seagen has a market cap of over $30 billion based on its closing price of $161.37 on Feb. 24.

Meanwhile, the company generated total revenue of $2 billion in 2022. Seagen’s stock rose 12% in the pre-market session following the report.

As for Pfizer, the company consistently assesses its business and portfolio, which helps it to focus on development activities like acquisitions.

In 2022, Pfizer announced the acquisition of Arena, a clinical-stage company focusing on treating several immuno-inflammatory diseases. Pfizer also bought GBT, a biopharmaceutical company, and Biohaven, a company that develops therapy for the treatment of migraine.

While the Seagen acquisition will bolster Pfizer’s product portfolio, the deal could face an antitrust review.

Pfizer is said to be in negotiations to acquire cancer-focused biotech Seagen after talks fell apart with Merck in a deal that would have been worth around $40 billion.

However, the discussions are at an early stage, and a number of hurdles would need to be overcome, including the potential for a stringent antitrust review of any proposal, Seeking Alpha also reported.s

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